emily: the data of millions of t-mobile customers compromised. ♪ emily: i am emily chang. this is "bloomberg west." sprint said it will cut more than $2 billion in costs over six months but is it a enough? german publisher buys a stake as of the company fends off a dax threat. i will speak to ben lerer. put a ring on it.

apple applies for a patent. first to our lead. the data of millions of t-mobile customers, including yours truly, breached. hackers broke into a database run it by the security tracking form experian, including social security numbers. in a statement, t-mobile ceo said -- joining me now is ryan wagner, a defense strategist. thank you. i am a new t-mobile customer. i am pissed. what exactly happened? how does somebody get into experian and to t-mobile

records? were they targeting t-mobile? ryan wagner: you cannot be sure. the problem is any digital data is in places you cannot see. company data on another and you have a perimeter between two companies. you cannot make sure they were going after t-mobile data. and as they got out. emily: why would it be t-mobile specifically? why couldn't the hackers get other companies? t-mobile, the amount of information is unique. they have millions upon millions of customers in one location. a very small amount of files. emily: utah doesn't you are only as your weakest link. what are the lessons of t-mobile's ceo john legere. how much responsibility does t-mobile there?

ryan wager: for what is a control and their centers. all the way up to the speed of technology on their own. it is a matter of how much did you share with your third parties? to me, do i know where my data is being stored when i am doing transactions? are the other people doing everything to keep up. emily: what about experian? needs tor: experian take a hard look. emily: experian has they have to before. ryan wager: more of a social where they were traced. this was actually a breach. they found the week is the link and may have started at t-mobile and worked down like a hacker and found the weakest link. emily: what about me? what about customers? what can i do? are we just formidable -- vulnerable to the businesses? ryan wager: experian offered 2

free years of credit protection out of it. youeed to be aware of when are putting data out there, you need to make sure you are keeping track of where it is that and if you need to make changes -- emily: how can i know? you have to trust in the businesses you are handing it to. you can monitor your own credit history. if you see things or services you can employ and take them very seriously. once it gets out there, it's hard to erase. emily: thank you. another wireless name was issued, sprint. the fourth-largest u.s. carrier said it plans to cut $2 million in costs and eliminate more jobs. sprint is struggling to return to profitability but the corporate parent is standing by. softbank boosted the purchase of sprint shares. in august, reiterate his

support. >> you may think i am being overly optimistic about sprint as there is no concrete progress i can show you. having exactly the same positive feelings when we turned around the business with yahoo! broadband and i believe i made the right decision to buy sprint and i have no intention to sell it. emily: this is sprint's second round of cuts in a year. last year, it said it would trim 2000 jobs. cardu use your credit since yesterday, you probably noticed swiping is no longer a thing. as of today, all u.s. retailers must be equipped with a microchip reader to process payments. the chip is supposed to be more secure than a magnetic strips but it generates new authentication codes making, it harder for hackers. joining me now is ellen richey,

a risk officer. you guys have been going through this change. i have gotten new credit cards. i was in europe 10 years ago now and was using chip and pin back then. it has taken the u.s. a long time. do you have a number on the fraud it will reduce by doing this now? ellen richey: let me start with a number i am proud of. million we have 150 chip cards in circulation in the u.s.. last year, only 20 million. the reduction of fraud will take a while. it is not required for the retailer to implement the chip technology immediately. emily: when is the deadline? no mandate.: it is an incentive. the incentive to place yesterday. we have 314,000 terminals up and go.ing but a lot more to i to to three yearsn, you should see the transactions, no more

swipes. and then about 60%-70% reduction. emily: what have you been hearing for merchants? our producers that i went to walgreens and i do not have -- no have to pay. ellen richey: it should not be confusing. you can try swiping. card and insert along the bottom, simple as that. emily: it will reduce and storefront. ellen richey: that is right. emily: with a mobile payments, what is next? tokenization, we replace the account number with a similar number but not usable for a payment. stolen,pens is if it is we army have this and some ,pplique, simpson -- apple pay samsung pay.

and they are used with anything other than your device, they are no good. emily: how long will it take for every retailer to use that technology? it will take a while. the retailer does not have to do anything. where after do it with the banks and technology company. burdens on on the -- the retailers for the retailers. it should be between 3-5 years three emily: ellen richey, kumar for joining us. us to discusss why he decided to restructure the company. privateapple's next big cut in the tiny. a small ring. ♪

emily: welcome back to "bloomberg west." it is official, google has reorganized into a giant holding company called out for that. the search engine will be wholly-owned subsidiaries of alphabet. other units will be on alphabet including nest and googlex. to the german media giant considering a shopping spree in america. on tuesday, it announced a deal to pay $340 million for a business insider. and that took a minority stake in thrillist, a digital company.

it is part of a broader $50 million funding around with other investors. thrillist announced plans to spin off men's e-commerce into a separate company. joining me now is thrillist's ceo, ben lerer, was great to have you. i know it was a process and you were looking at potentially selling or a big investment and you decided to split the company. talk to me about the process and how moment. -- aha moment. ben lerer: it was a bit of a process. when we started, the impetus is we know that a bunch of priorities and we wanted capital. i do not think we were looking to dol, but the looking restructuring. as time went on what was clear there were different investors who were actual partners for each of the 2 businesses. on the media side, companies

like axel that had expertise and what we were trying to do and we felt understood, sort of the business we were trying to build. on the same token other investors on the commerce side who understood what we were doing. the more time we spend with these various, differ financial partners we realize even the ones willing and excited to invest in both businesses were biased in one way or another. ultimately, we said let's take money from different partners and of businesses have to operate independently. we are happy we did. emily: what is your proclaimed endgame? is there a particular media dresses you admire you would like to compete with?what about the same in e-commerce ? who do you view as competition? in lerer: on the media side, think media is changing really rapidly. to identify one brand we look up

to is tough. i think there are brands like buzzfeed andbox -- a box and levels of scale we reach four. "esquire" thatd has gravitas and have lasted a long time. there are things traditional businesses do well we aspire to as some of the big digit -- big digital guys do we are jealous of. we have sort of a -- we have a bunch of plans to go and throw. on the commerce side, weekend is a massive hole in men's fashion for guys. women's fashion gets more attention like the big brands, gap or j.crew or urban outfitters. families in the u.s. market are the most popular for people like me and my friends and employees of our companies and people like

that. i think there is a big opportunity to focus on men and a new fashion brand that has the heart of the magazine and in the iq of a tech company that uses the internet and data to build a fashion brent that is actually going to feel old school and about creating beautiful products that people love to wear. emily: you said the media business is changing quickly a you see a lot of deals that the don for whatever reason. do you see a future where content and commerce can work together? that vision has not really come to fruition. ben lerer: yeah. for us, we believe the way we approached it has a great result. itn we acquire jack threats, was a five versus person company and we built it up to a significant scale. the point it has graduated and half is on mission and soul and

needs its own capital. i believe we have this is a small and emerging content. it has not played out exactly as we might how thought it did in the first place when we started thrillist and we never thought about commerce at all. as time goes on i believe there is a fundamental difference in digital media that a lot of the traditional mediums. ,hether tv or radio or print the difference between consuming and those environments and making a purchase is vast. you can consume and a by almost seamlessly. i am a huge believer in a brands finding ways or retailers using content to engage. it worked for us. as time went on we built 2 businesses that were quite different. jack threads could easily be successfully owned by a media company but succeed on its own.

emily: where do see both of these businesses and the next five years? do you look to sell them separately? are moving toward an ipo? ben lerer: i am actually not sure and i am happy for a minute not to think about it. after a fund to raise, you are in the trenches for a while in deal mode.we have so much we are working on. jt 2rday we launched where. we introduce our first namesake line0 a line of clothing i am wearing head to toe. which is jack thread branding. rapid thrillist side, growth. hiring editors and content creators across platforms. sort of excited to put my head down and execute for a while. long-term i believe there is plenty of headroom in both

businesses to grow in the foreseeable future. we are able to be more aggressive of how we think of growth and build something where stand-alone2 businesses that do not require more capital or require more market capital for a long time. who knows? the outfit.we like for my husband, i hope you forgot the men's fashion thing. thrillist's ceo, ben lerer. turning to apple -- if you like it perhaps one day you go put in apple ring on it. patent for a ring computing device which the u.s. patent office published. it describes a ring with a touchscreen, computer processor, and i cannot stop laughing and rechargeable. and a microphone for dictating commands and could vibrate with

feedback on the apple watch. keep in mind this is only a patent application and no guarantee an iring is in the work. what is up with a new ge commercials? you know the ones -- they are actually funny. chris surprised! >> we hope you -- we heard he got a job as a programmer. >> i work for ge. emily: linda boff joins us with the ge's rebranding. ♪

emily: and today's version of out of this world, the ridley opens.ilm "the martian"

it stars matt damon as an the $180astronaut million money has humble origins based on the writing of a computer programmer. he dreamed of the story in a series of well researched blog post which turned into an e-book that sold 35,000 copies. the book deal and movie deal closed in the same way. the film is projected to pull in $45 million in it this weekend. the actual market breakthrough this week when nasa unveiled liquid water on the planet. sciencecomes to bring fiction or closer to reality, nasa is far off. humans to marsd by 2030. when you think of general electric, you think about jet engines and the industry. ge wants to shift the image and rebrand to what it calls a industrial. what is your news?

>> i got a job. i will be program at ge. >> i got a job. >> i love that. thatwill be writing code helps machines communicate. emily: joining me is the newly named chief marketing officer for ge, linda boff, who played a key role in pushing the company into digital marketing over the last 12 years. linda, thank you for joining us. we noticed your campaign and sub commercials and laughed out loud. people rarely see commercials. when we found you as the person behind it, what is your thinking? what is the strategy? linda boff: thanks, emily. thank you for highlighting. ge is but, a digital industrial company. we are merging software and machines and creating a new category. what we tried to do with the ads is talk to future employee, a

developer. and a developer who will not just be interested in makingming and code but a difference. we had a little bit of fun. tongue-in-cheek other types of apps. you are showing one right now. [laughter] emily: yes, we are. ge makes heavy-duty machinery. what is the digital and is digital industrial term referred to? linda boff: emily, it is all about creating a layer of data and analytics. so that we can not just have the providing ourso customers, our really customers, our energy customers, our hospitals with insight so they can run more efficiently, trains cooperate more efficiently. we can save companies money and predict outcomes.

we have built a whole software division and launched ge digital, a division focused on how to enable our machines with the digital knowledge. we have built an industrial ourd, a platform that customers and everybody in the industry can use. it is a big part of the transition. youy: is interesting mention the ads are gearing toward future employees. it is since i it since i is geared to work consumers. oil companiesto and airlines, why create an ad campaign that reaches consumers? linda boff: ge is a brand that has been around for 1 years. 30 a brand, the sixth most valuable in the world. audiences,ot of investors, consumers, customers. it is very important to get the

message out broadly. we felt as though folks coming out of school who will love have consider a job at ge. have them think of a place of future employment for equally important are our customers and our investors. a broader message. emily: it is interesting. do you really think you can compete for silicon valley talent? linda boff: quickly, i will tell you we published coming out of our minds and machines conference, the industrial app economy will be 2x. left quite a value proposition for the future development talent in this country. emily: interesting. ge's c great to have you. mo. that does it for this edition of "bloomberg west." on monday, we will relaunch at a

new time at 2:30 p.m. and streaming as well. ♪ ♪

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mark: good evening from manchester, new hampshire, on a very busy political day throughout the united states. president obama just finished a press conference at the white house where he discussed a range of issues including raising the debt ceiling, funding for planned parenthood, and hillary clinton's comments criticizing his syria policy, which the president dismissed. he said there's a difference between a president and presidential candidate. the big topic as well was the shooting in oregon yesterday on the question of gun control and gun safety. i'm here today with drew cline who was until this week the editorial page editor of "the union leader" the biggest newspaper here in the state.